Ghana and Rwanda have taken a significant step towards financial innovation by signing a Memorandum of Understanding (MoU) aimed at introducing a license passporting framework and cross-border payment interoperability for regulated fintech companies. The agreement, signed on February 25, 2025, during the Inclusive Fintech Forum in Rwanda, is expected to simplify cross-border operations for fintechs licensed in either country.
The MoU allows fintech companies in Ghana and Rwanda to expand their operations across borders with fewer regulatory hurdles. By providing easier access to both markets, the agreement is designed to promote growth, innovation, and greater opportunities for financial technology services in both nations. This initiative seeks to foster a more dynamic fintech ecosystem that can better support small and medium-sized enterprises (MSMEs) and enhance economic development.
Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the broader vision of integrating African markets. He noted that the agreement is an important step toward building an environment conducive to fintech innovation and investment, with long-term benefits for the economies of both countries. The MoU aligns with Ghana’s commitment to a more interconnected African market.
Rwanda’s National Bank Governor, Mr. John Rwangombwa, stressed the importance of creating a regulatory framework that balances risks and opportunities. Both countries are hopeful that this partnership will lead to more efficient payment systems and contribute to the overall prosperity of their respective financial sectors.
SOURCE: CITI NEWSROOM